J&J Snack earnings ease 2% in fiscal 2012

PENNSAUKEN, N.J. — Net income at J&J Snack Foods Corp. in the fiscal year ended Sept. 29 totaled $54,118,000, equal to $2.87 per share on the common stock, down 2% from $55,063,000, or $2.95 per share, in fiscal 2011. Last year’s results included a $6.6 million gain on a purchase.

Operating income in fiscal 2012 was $84,967,000, up 11% from $76,583,000 in the same period a year ago, while net sales rose 12% to $830,796,000 from $744,071,000.

For the fourth quarter, net earnings increased 22% to $19,538,000, or $1.04 per share, from $15,984,000, or 85c per share, while sales rose 10% to $242,221,000 from $219,380,000.

“We are pleased with our revenue and profit growth during the quarter and the year,” said Gerald B. Shreiber, president and chief executive officer. “We grew several of our core products, including soft pretzels and churros organically as we expanded with both new customers and new venues. New manufacturing lines were added in Texas, Missouri and New Jersey to handle projected growth for fiscal 2013 and beyond.”

Sales to food service customers increased $57,700,000, or 12%, in fiscal 2012, to $521,262,000.

Soft pretzel sales to the food service segment increased 14% to $118,014,000, while frozen juices and ices sales rose 8% to $53,813,000.

Bakery product sales, excluding biscuit and dumpling sales and fruit and fig bars, increased $24,904,000, or 10%, as sales increases were spread throughout the customer base.

Sales of new products in the first 12 months since their introduction were approximately $15,200,000 in fiscal 2012, J&J Snack said.